We explore whether the composition of the physician work force is impacted by the clinical standards imposed on physicians under medical liability rules. We theorize that physicians of particular backgrounds will be attracted to regions when the malpractice laws of those regions favor the type...

This article examines the economics of healthcare rationing. We begin with an overview of the various dimensions across which healthcare rationing operates, or at least has the potential to operate, in the first place. We then describe the types of economic analyses used in healthcare rationing...

Abstract Despite bringing breakthrough medications to market, pharmaceutical companies incurred criticism during the 1990s and early 2000s because of high prices of many drugs. We argue that the benefits of pharmaceuticals should be evaluated in a dynamic context that extends beyond the patent...

This paper presents axioms for reckoning, as an alternative to expected utility. This reckoning is a preference relation on probability distributions, based on the expectation for the lower of two draws: Prefer X over Y if E[min(U(X1),U(X2))] E[ min( U(Y1), U(Y2)) ]. The axioms are in the...

How should you choose between risky options? This paper proposes reckoning, defined as the expectation for the lower of two draws from a variable's distribution. In symbols this is E[min(X_1,X_2)]. This is a special case of rank-dependent expected utility and provides a tractable alternative to...